SkyWorld Development Sdn Bhd, the developer behind the mega 28-acre (11.33ha) SkyArena mixed development in Setapak, is unfazed by the softening property market and has several projects worth RM900 million in gross development value (GDV) to be launched towards the end of this year.

Though SkyWorld founder and group managing director Datuk Ng Thien Phing acknowledged that the property market will "still be challenging" next year, he said the group remains confident of its upcoming launches as its past projects have all achieved strong take-up rates.

"On top of that, we still have 100 acres of land located across the Klang Valley to be developed. These lands could potentially generate up to RM10 billion in GDV," said Ng, adding that this would keep the group busy for the next few years.

He was speaking to reporters after the topping-off ceremony of the Ascenda Residence at SkyArena project in Setapak, Kuala Lumpur yesterday.

Ng said the group is also committed to building affordable housing to address the home ownership problem faced by first-time homebuyers.

The group is now building almost 2,000 units of affordable housing within its SkyAwani mixed development in Sentul here, he shared.

"We have launched 1,226 units of affordable housing (located at Jalan Sentul Pasar) earlier and it has been fully taken up," said Ng, adding that the remaining 708 units will be introduced under the second phase of the SkyAwani development, to be known as SkyAwani Residence II (located at Kampung Batu Muda, off Jalan Ipoh).

He said the group plans to build another 4,000 units of affordable houing within the Klang Valley, though the location for the units has yet to be determined. In the next few years, SkyWorld will be one of the largest developer for the Federal Territory Affordable Housing Project known as RUMAWIP.

Hence, he urged the government to extend the new end-financing scheme for the 1Malaysia People's Housing (PR1MA) programme, under the PR1MA Corporation Malaysia, to include other affordable housing projects tied with the local authorities and/or state governments.

In Budget 2017 tabled last Friday, Prime Minister Datuk Seri Najib Razak said homebuyers could get loans of up to 90% and 100%, with loan rejection rates to be reduced drastically.

"These projects (affordable housing introduced by local authorities or state governments) are also affordable housing projects by the governments," Ng said, adding that the relevant ministry could work together with banks to formulate a solution.

Ahmad Fauzi said road infrastructure in the SkyArena area will be upgraded soon, with a flyover to be built to connect Jalan Genting Klang to Jalan Ayer Jerneh to improve traffic flow.

"Apart from that, SkyWorld, under its corporate social responsibility (CSR) programme, will be allocating RM30 million to widen Jalan Ayer Jerneh to 100 feet (30.48m)," he added. The road will become a four-lane carriageway.

"With the upgrading and expansion plan, this will definitely improve traffic flow and provide the Setapak community easier access to the DUKE Highway," said Datuk Mohd Najib.

Ascenda Residence, the first residential segment in SkyArena, comprises 650 units housed in two residential-titled condominium blocks and spread across 3.35 acres. Unit sizes start from 903 sq ft to 1,239 sq ft. It comes with full condominium facilities, intercom system and 4-tier security.

Bennington Residences is the second residential segment in SkyArena. It comprises 580 units housed in two 37-storey residential-titled condominium blocks and spread across 2.69 acres. Its unit sizes begin from 1,092 sq ft to 1,570 sq ft, including 4 bedder dual-key units. It has a 2-acre rainforest-themed sky park with a total of 42 facilities, including the first triplex sky gym in Malaysia.

The last and third residential segment in SkyArena is tentatively known as Curvo Residences and will be unveiled in 2018. The commercial segment will comprise of a lifestyle retail complex, shop-offices, a hotel tower, a SoHo tower and office blocks.